Deere & Company (NYSE:DE) announced greater quarterly earnings that surpassed forecasts on Wednesday and upgraded its complete-year profit guidance on increasing global demand for farm equipment.
The world’s biggest farm equipment manufacturer stated that fiscal Q2 net income increased to $1.056 billion, or $2.61 a share, as compared to $904.3 million, or $2.12 per share, a year before. The results surpassed the average forecast of $2.53, in accordance with Thomson Reuters I/B/E/S.
Net sales of equipment operations increased to $9.4 billion as compared to $8.33 billion a year before. The company as well increased its forecast for 2012 net income to almost $3.35 billion as compared to $3.275 billion.
It posted net earnings of $3.91 a share for the first half of the year, higher as compared to $3.32 a year previously.
Its competitors include Caterpillar Inc. (NYSE:CAT) that surged 0.93% to $93.54 with the total traded volume of 1.12 million shares and CNH Global NV (ADR) (NYSE:CNH) that moved up 0.55% to $42.10 with the total traded volume of 28,882.00 shares.
Other capital goods stocks with bullish trend include General Electric Company (NYSE:GE) up 3.86% to $19.11, PulteGroup, Inc. (NYSE:PHM) up 2.06% to $9.93 and Lennar Corporation (NYSE:LEN) up 2.30% to $29.83, whereas with bearish trend include Goodrich Corporation (NYSE:GR) down -0.10% to $124.87, Eagle Materials, Inc. (NYSE:EXP) down -3.49% to $33.73 and Guanwei Recycling Corp. (NASDAQ:GPRC) down -16.15% to $1.09.
Deere & Company (NYSE:DE) stock’s trade at beginning with a price of $76.49 and the current trading session climbed at a high of $76.73 other than the stock finally declined -1.40% to $75.55 at 10:40AM EDT.
Shares price of DE moved down from its 20 days moving average with -5.82% and remote negatively from 50 days moving average with -5.68%. DE current year earnings per share experienced an addition with 52.34% while its current quarter performance remained -13.47%.
DE has a trade volume of 2.38 million shares is lesser as compared to average trading capacity of 3.63 million shares.
DE last month stock price volatility remained 1.75%. In its share capital DE has 401.83 million outstanding shares among them 401.49 million shares have been floated in market exchange. DE stock institutional ownership remained 71.97% while insider ownership included 0.21%.
The stock is ahead its 52 week low with 28.21% and lagging behind from its 52 week high price with -14.79%. Company’s beta coefficient included 1.52. Beta factors measures the amount of market risk associated with market trade.
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